Retail · Novi, Michigan
Twelve Oaks Mall
Public CMBS trusts hold $170.2M of the loan on Twelve Oaks Mall at 4.399% that reaches maturity on March 6, 2028, in 16 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $170,202,383
- Original balance (same notes)
- $200,000,000
- Interest rate
- 4.399% fixed
- Originated
- February 28, 2018
- Maturity
- March 6, 2028
- Payments
- Amortizing over 30 years
- Prepayment lockout ends
- December 5, 2027
- Master servicer
- Trimont LLC
- Originator
- Goldman Sachs Mortgage Company, Wells Fargo Bank, National Association, JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 27500 Novi Road, Novi, MI 48377
- Metro
- Detroit-Warren-Dearborn, MI
- Rentable area
- 716,771 sq ft
- Built
- 1977, renovated 2007
- Largest tenants
- Nordstrom; Crate & Barrel; H & M Int'l Transportation
- Value at securitization
- $552.9M (Dec 2017)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 2.60x | 2.43x |
| Occupancy | 92% | 86% |
| Net operating income (annualized from 6 months) | $30.6M | $29.0M |
| Debt yield | 17.1% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the GS Mortgage Securities Trust 2018-GS9 filing for the reporting period ending October 6, 2026, filed with the SEC October 22, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 92% when the loan was securitized to 86%.
- Net operating income is 5% below the underwritten figure ($29.0M a year against $30.6M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 2.60x at securitization to 2.43x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $56.7M | Current | No | 2.43x | 86% |
| September 2026 | $170.3M | Current | No | 2.43x | 86% |
| August 2026 | $170.7M | Current | No | 2.30x | 92% |
| July 2026 | $171.0M | Current | No | 2.30x | 92% |
| June 2026 | $171.4M | Current | No | 2.30x | 92% |
| May 2026 | $171.7M | Current | No | 2.19x | 92% |
| April 2026 | $172.1M | Current | No | 2.19x | 92% |
| March 2026 | $172.4M | Current | No | 2.08x | 90% |
| February 2026 | $172.8M | Current | No | 2.08x | 90% |
| January 2026 | $173.1M | Current | No | 2.08x | 90% |
| December 2025 | $173.5M | Current | No | 2.08x | 90% |
| November 2025 | $173.8M | Current | No | 2.06x | 89% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
The loan is split into 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2018-BNK11 | 1 | $56,774,906 | Sep 2026 | SEC filing, October 1, 2026 |
| GS Mortgage Securities Trust 2018-GS9 | 3 | $56,652,571 | Oct 2026 | SEC filing, October 22, 2026 |
| BENCHMARK 2018-B3 COMMERCIAL MORTGAGE TRUST | 4 | $42,581,180 | Sep 2026 | SEC filing, September 25, 2026 |
| JPMDB Commercial Mortgage Securities Trust 2018-C8 | 16 | $14,193,726 | Sep 2026 | SEC filing, September 28, 2026 |
Other Detroit-Warren-Dearborn loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Romulus - Huron | Romulus, MI | Industrial | $127.8M | 7.35% | May 2028 | 1.37x | 69% | Current |
| Penske Distribution Center | Romulus, MI | Industrial | $70.0M | 4.63% | Dec 2028 | 2.59x | 100% | Current |
| Brasswater Warehouse Portfolio | Warren, MI | Office | $65.5M | 7.25% | Jul 2028 | n/a | n/a | Current |
| Troy Place | Troy, MI | Office | $40.0M | 5.09% | Dec 2028 | 2.38x | 65% | Current |
| Kohl's Shelby Property | Shelby Township, MI | Retail | $38.1M | 3.09% | Sep 2028 | n/a | n/a | Current |
| Travelers Tower I | Southfield, MI | Office | $33.0M | 4.82% | Jul 2028 | 2.12x | 75% | Current |
| One Kennedy Square | Detroit, MI | Office | $33.0M | 4.60% | Feb 2028 | 1.93x | 88% | Current |
| 46643 Ryan Court | Novi, MI | Industrial | $32.8M | 4.32% | Feb 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All Detroit-Warren-Dearborn loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 8, 2026, September 11, 2026, October 6, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.